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Scholarships & Aid
How to Avoid ATM Fees
Watch out for those ATM fees! There are two types of fees
that you could be charged for using an ATM: transaction
fees charged by your bank because you're not using their
ATM; and ATM surcharge fees that the owner of an ATM could
charge you. This could mean up to a total of $3.00 in fees
for each ATM transaction.
Here are some simple
ways to avoid those unnecessary charges:
Start by choosing a bank that does not charge you ATM
transaction fees for using any ATM (this alone eliminates
half of the ATM fees that you could be charged for a
transaction).
Choose a bank that offers to reimburse fees to you if the
owner of an ATM surcharges you for using its ATM.
Reduce the need to use the ATM by choosing a checking
account that provides you with a Visa or MasterCard check
ca rd so you can use it to
make purchases and have the option to get cash back at the
store. Your purchases and cash back will be deducted from
your checking account.
If there is a surcharge-free or no-surcharge ATM available
nearby, use it!
Plan ahead. If you will be traveling and aren't sure there
will be a no-fee ATM where you are going, withdraw some
money from a no-fee ATM before you leave.
If you must use a ATM with fees for a period of time, try
to anticipate your cash flow needs to minimize the number
of withdrawals. Obviously, you should not be walking
around with a large bankroll in your pocket for security
reasons. However, it's cheaper to get $80 in one
withdrawal than it is to go to an ATM four times in a
weekend to withdraw $20 a shot.
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